Private home sales in November down 44%

SINGAPORE - Developers here sold 44.2 per cent fewer private homes in November compared with the month before, as they held back launches during the holiday season.

Data from the Urban Redevelopment Authority (URA) showed that 1,087 private homes, excluding executive condominiums (ECs), were sold last month, compared with 1,948 in October.

November's sales figures were the lowest since December 2011.

Compared with the same period last year, transactions fell 36.1 per cent.

The slump was largely due to a lack of major launches, market watchers said.

Alan Cheong, head of research at Savills Singapore, noted that projects, such as the Echelon at Redhill, the Sennett Residence at Potong Pasir and the Spottiswoode Suites, did not make it to the market in November.

"As demand for new homes tends to chase supply, the dearth of large project launches in any month would have a negative bearing on sales numbers," he said.

Analysts said developers were holding back until after the festive season, noting that the end of the year is traditionally a low season.

The latest round of property cooling measures may have played a part, too.

Said Ong Teck Hui, national director for research and consultancy at Jones Lang LaSalle: "Although the year-end holiday season is setting in, the sharp drop in both units launched and sold in November does reflect impact from the loan tightening measures imposed in October."